Since its introduction in 2012, the Portugal Golden Visa Scheme has been Europe’s most popular residence by investment program. The purpose of this scheme is to encourage international investors to invest in Portugal. The total investment amount has topped several billion euros since the program’s start, with over a thousand family applications accepted each year.
The program has been attracting many nationalities including the Chinese, Russian, and Americans. The program is famous among Canadians too, thanks to Portugal’s attractive qualities such as warm climate, low cost of living, and central location. In this article, you’re going to find out how you can make an application as a Canadian citizen.
Is it possible for Canadians to get Portuguese citizenship under the Portugal Golden Visa?
Yes, it is. Dual citizenship is permitted in Canada, This implies you don’t have to give up your Canadian citizenship to become a Portuguese citizen. However, you will only be eligible for Portuguese citizenship after five years if you get a Portugal Golden Visa. The program will initially provide you with a temporary residency permit that will be valid for two years. To keep your status, you’ll be required to visit Portugal for a total of fourteen days over the course of two years. You will be able to renew your Golden Visa after two years. Your residence permit will be extended for another three years as a result of this renewal.
You may be eligible to seek citizenship after completing this five-year period. You will be required to take a basic Portuguese language exam in order to get citizenship.
Portugal Golden Visa Program
Those who are not citizens of the EU, EEA, or Switzerland are eligible for the Portugal Golden Visa program. As long as you’re at least 18 years old and able to present a clean criminal record, you might be eligible.
Making a qualifying investment in Portugal is the first step in obtaining a Portugal Golden Visa. There are several choices accessible, including real estate acquisition, fund subscription, capital transfer, and others.
- Complete a property acquisition with a value of €500,000
- If the property is in one of the low-density areas in Portugal, the amount is €400,000
- Make a property investment which is worth a minimum of €350,000; with this option, the property is required to be older than 30 years and needs renovation
- The amount is €280,000 if the property is in a low-density area
- Complete a fund subscription in Portugal (in a qualifying Portuguese Golden Visa fund)
- Make €1 million capital transfer to Portugal
- Create a business that employs at least ten Portuguese citizens
- Make a €250,000 investment in the arts or the restoration of national historic projects in Portugal
Please note that as of January 1, 2022, there will be some adjustments. A residential property purchased in Lisbon, Porto, or along the coast, will not qualify investors for a Portugal Golden Visa. In addition, the amount to be invested in the fund subscription will be increased to €500,000.
Get Golden Visa: Who We Are and How We Can Help You
Get Golden Visa is a bespoke investment advisory firm. We help people get an additional residency and citizenship by making a qualifying investment through property acquisition, fund subscription, or other investment vehicles.
With our team of legal professionals in Lisbon and Porto offices, we offer our clients a tailor-made and transparent journey in their quest for Portugal Golden Visa through real estate acquisition and investment funds.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
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The Benefits of a Golden Visa in Portugal for Canadian Citizens
Applicants who apply for a Golden Visa in Portugal will benefit from a variety of advantages. In this area, we’ve included a few of them.
Include Your Family Members
One of the most tempting aspects of this program is that it can be extended to members of your family. The reunion covers your spouse and children under the age of 18. It may also include full-time students over the age of 18 who are financially reliant on you.
Live, Work, and Study in Portugal Freely
You will be able to live, work, and study in Portugal if you have a Golden Visa. It also applies to members of your family. This means that your children will be able to benefit from the Portuguese educational system.
Become an EU citizen Only After Five Years
Another appealing aspect of the program is that it allows you to apply for citizenship after five years. You can study, work, and stay anywhere in the EU with your Portuguese passport.
Spend Less on Living
The cost of living in Portugal is often lower than in Canada. According to the latest figures in Numbeo:
- Consumer prices in Canada are 43.83 percent higher than in Portugal (without rent)
- Consumer prices including rent in Canada are 48.93 percent higher than in Portugal
- Rent prices in Canada are 62.52 percent higher than in Portugal
- Restaurant prices in Canada are 67.17 percent higher than in Portugal
- Grocery prices in Canada are 76.03% higher than in Portugal
Easily Travel Within Europe
This is also a significant advantage if you plan to live in Portugal full-time. You can travel more easily to different nations from Lisbon than you can from Canada because it is well-connected to the rest of Europe.
Improve Your Quality of Life
Although Canada is regarded for its good quality of life, the latest Global Peace Index numbers show that Portugal is fourth in terms of safety, while Canada ranks tenth. Plus, Portugal is famous for its nice climate. In Portugal, you can enjoy the sunshine even in winter which is highly unlikely in Canada.
The Abundance of International Schools
If you have school-aged children, keep in mind that there are numerous international schools in Portugal that provide a variety of curricula, including American and British curricula. Some of the well-known schools are the British School of Lisbon, the International School of Cascais, and St. James Primary School. If you plan to live in Lisbon, you should read our article on Lisbon neighborhoods close to international schools.